find the periodic payment which will amount to a sum of $18000 if an interest rate 66% is compounded annually at the end of 88 consecutive years.
the periodic payment is $

$ 2898.55

Step-by-step explanation:

The formula to calculate the periodic payment on an annuity is given by :-

, where PV is the present value , r is the rate of interest and n is the time period.

Given : Present value : $18000

Rate of interest = 6%=0.06

Time period = 8 years

Then , the periodic payment will be :-

Hence, the periodic payment is $ 2898.55.

the answer is c

hope this !

idk wbu

step-by-step explanation: